Treasury Yields Mixed After Minutes, With Curve Steepening

Longer-term Treasury yields rise, with some curve steepening, after the FOMC minutes revealed a more hawkish Fed. The 10-year rises to 2.625% from 2.606% Wednesday, while the two-year falls to 2.453% from 2.500%. The five- and seven-year yields remain higher than the 10-year. “The FOMC minutes send a clear and loud message to the markets on futures rate hikes and reduction of the Fed balance sheet,” Spartan’s Peter Cardillo says.